G-7 leaders agree to collectively tackle current economic challenges

TOKYO, May 27 (KUNA) — Leaders of the Group of Seven (G-7) major economic powers pledged on Friday to collectively tackle current economic challenges, while laying out foundations for stronger long-term global growth.“We reiterate our commitments to using all policy tools — monetary, fiscal and structural — individually and collectively, to strengthen global demand and address supply constraints, while continuing our efforts to put debt on a sustainable path,” the G-7 leaders stated in a declaration adopted at the end of a two-day summit in Shima city, central Japan.“We concur on the importance of strengthening our efforts in a cooperative manner to implement our fiscal strategies flexibly to strengthen growth, job creation and confidence… as well as to advance structural reform decisively,” the declaration said.The leaders of Britain, Canada, France, Germany, Italy, Japan, and the US also recognized the ongoing large scale movements of migrants and refugees as a global challenge which requires a global response. The G-7 encourages international financial institutions and bilateral donors to bolster their financial and technical assistance for refugees and other displaced persons, they said. “We stress the importance of increasing support to the most affected host countries, such as Jordan, Lebanon and Kenya, and continue close cooperation with Turkey, which will help deliver the outcomes of the London Conference on Supporting Syria and the Region.” They also showed concerns about the increased uncertainty posed by the current energy price levels, and vowed to play a leading role in facilitating energy investments, in particular investments in quality energy infrastructure and upstream development. They also welcomed the concrete actions to strengthen energy security for natural gas, both pipeline and liquefied natural gas (LNG), including Japan’s strategy for LNG Market Development, the EU Strategy for LNG and gas storage and the gas security plan by the International Energy Agency. “We reaffirm our commitment to continuous efforts in enhancing well-functioning natural gas markets with greater transparency and flexibility, including relaxation of destination clauses, development of price indices and building sufficient and resilient infrastructure with open access, as well as furthering a strategic view of the LNG supply chain at a global level,” they noted.In order to restore public trust in tax systems, the leaders reaffirmed Group of 20’s (G-20) call on all relevant countries and financial centers to implement the agreed standard of tax transparency.“Improving the transparency of the beneficial ownership of legal persons and legal arrangements is vital to prevent misuse of these entities and arrangements for corruption, tax evasion, terrorist financing and money laundering,” the document said.As for countering terrorism, the G-7 states urged the international community to make further collective and coordinated efforts to fight this urgent global security threat, while adopting the Action Plan on antiterrorism measures.“We stress the importance of continued cooperation with the private sector, civil society and communities and the ‘whole-of-society’ approach,” they said. The leaders decided to continue to work together to prevent the flow of foreign terrorist fighters and terrorism-related materials and equipment.Their discussion also covered such issues as trade, infrastructure, cybersecurity, health, climate, and anticorruption. (end) mk.gta